Dan Flynn is the writer of The Corn & Ethanol Report, a daily market letter covering grains, energies, and various global issues that are the driving force and backbone of the commodity markets. Contact Mr. Flynn at (312) 264-4374
Wild storms and a bearish report yesterday has the market in a Sybil mode. In the overnight electronic session the July Corn is currently trading at 650 ¾ which is unchanged at this writing. The trading range has been 653 to 649 so far. The market took a tumble off of yesterday’s bearish report but expect a rebound off the break and expect range bound trading until the next headline.
On the Energy Front the July Crude Oil is currently trading at 9530 which is 58 points lower in the overnight electronic session. The market should ease down further barring any further weather or refinery interruptions that will lend support to higher prices.
Today’s reports released at 7:30 A.M. C.S.T. as follows: Business Inventories, Export Sales, Initial Jobless Claims and Retail Sales. On the Natural Gas Front the weekly Gas Storage data will be released at 9:30 A.M. C.S.T. In the overnight electronic session the July Natural Gas is currently trading at 3.773 which is down .044 as I write. The trading range has been 3.776 to 3.720 so far. The market is giving back premium after yesterday’s slight gains. Buckle up your chinstrap and remain a long-term bull. On the Ethanol Report no trades were posted in the overnight session and expect bids to be coming in lower.
Have a Great Trading Day!
The PRICE Futures Group
Questions? Ask Dan Flynn today at 312-264-4374
Futures and options trading involves substantial risk of loss and may not be suitable for everyone. The information presented is from sources believed to be reliable and all information is subject to change without notice.
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